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deficit reduction. that's probably a little too much out of revenues over the short term. so let's go back to child tax credit and some middle income tax relief and that, but let's keep a substantial portion of that revenue and we don't have to the talking about stupid across the board cuts and do more targeted cutses in programs that need cutting and bolster those that need bolstering. one thing it, no one's talking about within-third of the deficit is due to high unemployment. we should be talking about investment that will put americans back to work and that takes care of a third of the deficit. if you're talking about a grand bargain, okay, revenues putting people back to work and then we'll talking about cuts. >> that's a profound point. all of a sudden we're supposed to go into this grand bargain of medicare and medicaid because we went through recession and the tax base was low because there was a lot of people unemployed for months on end and we had to invest in the economy to where we've got it
deficit reduction. that's probably a little too much out of revenues over the short term. so let's go back to child tax credit and some middle income tax relief and that, but let's keep a substantial portion of that revenue and we don't have to the talking about stupid across the board cuts and do more targeted cutses in programs that need cutting and bolster those that need bolstering. one thing it, no one's talking about within-third of the deficit is due to high unemployment. we should be...
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Nov 27, 2012
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interest rates are going down because they can't get a hands l on the deficit because stocks are going down. that's the reality we're dealing with. consumer confidence this morning, listen, i'm worried about the fiscal cliff. i have my button on. anybody who tries to put words in the general public's mouth about the fiscal cliff, these confidence numbers dispel that notion that they're worried. they probably don't even really know the details. >> david kudlow, you are taking something of a risk-on strategy. you're going with the high-growth, high-dividend plays in this market, aren't you? >> yeah, we are. it's a strategy that's worked quite well p the uncertainty we've had over the fiscal cliff. with the positive economic data coming in, high-growth areas have done well for us. hi areas have helped diversify and steady the portfolio. >> you're not worried about impact that the fiscal cliff could have on the tax treatment of dividends out there? you get all these companies imposing early dividends, special dividends to try and slip it in before the end of the year. yet, you're still buy
interest rates are going down because they can't get a hands l on the deficit because stocks are going down. that's the reality we're dealing with. consumer confidence this morning, listen, i'm worried about the fiscal cliff. i have my button on. anybody who tries to put words in the general public's mouth about the fiscal cliff, these confidence numbers dispel that notion that they're worried. they probably don't even really know the details. >> david kudlow, you are taking something of...
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Nov 27, 2012
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how is he going to close the other part of that deficit? you know, his proposal right now, the most he can say would raise would be about $68 billion when our deficit last year was $90 billion. what is the president's plan for closing the additional additional $1 trillion worth of deficit? i think that's incumbent on the president to put forward his plan. >> from your standpoint alone, there's no way you see fit in the coming 35 days that you would break that pledge with glove norquist. >> well, thomas, let's use a couple numbers here. even with this measly economic growth we've seen the last three years, revenue at the federal government has increased $344 billion per year. if we just return to a normal economy that returns about 18.5%, that would increase revenue an additional over $400 billion per year, that's $750 billion of revenue per year through economic growth. and the president, his proposal would raise 1/10 of that but would put at risk the economic growth and that $750 billion. so -- >> sir, with all due respect, though -- >> co
how is he going to close the other part of that deficit? you know, his proposal right now, the most he can say would raise would be about $68 billion when our deficit last year was $90 billion. what is the president's plan for closing the additional additional $1 trillion worth of deficit? i think that's incumbent on the president to put forward his plan. >> from your standpoint alone, there's no way you see fit in the coming 35 days that you would break that pledge with glove norquist....
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Nov 27, 2012
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meantime he will continue to go ahead and increase the deficit. so i don't have any faith in it. look, this morning i was on "fox & friends." i outlined a lot of alternatives we could do where we wouldn't have to raise taxes. one was, i already introduced legislation that would take care of that. we covered it at some length. but if you looked at what happened in the past, the best way to do this is get all these regulations out of the way so people can grow their own businesses. for everyone percent increase in -- everyone% increase in that was kennedy back in the '60s. he discovered that. that wasn't republican idea. melissa: you're talking about regulation. i know you're really focused on the epa so i don't want to run out of time without asking you. we'll have the ceo of transcanada later talking about the xl pipeline. this is another thing we left to be resolved after the election. do you think we'll see that full pipeline approved and put into place? what do you think? >> well, i think obviously we should but you still have the far left is going to be pulling on the preside
meantime he will continue to go ahead and increase the deficit. so i don't have any faith in it. look, this morning i was on "fox & friends." i outlined a lot of alternatives we could do where we wouldn't have to raise taxes. one was, i already introduced legislation that would take care of that. we covered it at some length. but if you looked at what happened in the past, the best way to do this is get all these regulations out of the way so people can grow their own businesses....
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in fact, they have been running a deficit. they have relied more on federal stimulus money to take care of their debt than any other state in the country. >> bill: they owe 40 billion, juan. >> looking for a bailout. >> bill: when willie nelson dies and least his estate 40 billion with all the medicinal marijuana on the ranch rolling in austin. that's a manageable debt. you can pay it off. all right? you can't pay off 160 billion. the sacramento pinheads know they can't fay off. it's a ponzi scheme out there. >> the yeah, the pension, the unions. >> bill: yeah, they can't pay it off. >> you know what they did have a vote by the people, a democratic, you know, vote that says here is is a mechanism that we want to put in place to reduce spending and to raise taxes, you don't see that in texas. they don't do it that way. the legislature meets once every two years and all up to them and not the people. in terms of democratic inticket, i think i would prefer california. >> bill: you are dodging the social experiment on the liberal
in fact, they have been running a deficit. they have relied more on federal stimulus money to take care of their debt than any other state in the country. >> bill: they owe 40 billion, juan. >> looking for a bailout. >> bill: when willie nelson dies and least his estate 40 billion with all the medicinal marijuana on the ranch rolling in austin. that's a manageable debt. you can pay it off. all right? you can't pay off 160 billion. the sacramento pinheads know they can't fay...
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it is not currently a driver of the deficit. that's an economic fact. >> we've been open to revenue by closinging loopholes as long as it's tied to spending cuts. >> as long as it's mitt romney's plan. that's what we're for. >> stephanie: what? you're acting like, it's almost like a hostage crisis. like they don't have the gun and are issuing demands. like what? >> what are you talking about? >> stephanie: exactly. mike in philadelphia, you're on the "stephanie miller show." hi, mike. >> caller: hi, steph how are you doing? >> stephanie: good, go ahead. >> caller: eric con tore brought obamacare back on the table. they won't leave that alone. >> stephanie: no, they are just the sorest losers in the world. it's like he won he won at the supreme court he won at the ballot box again moving on, we are not repealing obamacare. like really? the white house warned monday that american consumers will spend $200 billion less if the looming fiscal cliff is not averted and tax hikes are not spread across the board. the economy would take a
it is not currently a driver of the deficit. that's an economic fact. >> we've been open to revenue by closinging loopholes as long as it's tied to spending cuts. >> as long as it's mitt romney's plan. that's what we're for. >> stephanie: what? you're acting like, it's almost like a hostage crisis. like they don't have the gun and are issuing demands. like what? >> what are you talking about? >> stephanie: exactly. mike in philadelphia, you're on the...
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to reduce the deficit. but it also includes spending cuts. so, we did a trillion dollars in spending cuts as part of the budget control act over the next ten years and we're going to have to continue to implement that. so that's part of the plan. secondly the president's budget actually contains more health care savings than the bipartisan simpson-bowles commission does. he does it in a number of ways. for example he asked pharmaceutical companies to pay higher rebates to drugs for people who are on medicare and medicaid. he reforms the medicap wraparound insurance plan. right now medicare is essentially indirectly subsidizing those plans. so the president actually has substantial savings, not only in health care, but in many other areas. for example he eliminates a lot of the excessive agriculture subsidies. so the president's plan does have that balance of cuts, and revenue. >> interesting that you bring up health care because eric cantor, something we heard from speaker boehner, he would like obama care to be back on the table. i mean, dem
to reduce the deficit. but it also includes spending cuts. so, we did a trillion dollars in spending cuts as part of the budget control act over the next ten years and we're going to have to continue to implement that. so that's part of the plan. secondly the president's budget actually contains more health care savings than the bipartisan simpson-bowles commission does. he does it in a number of ways. for example he asked pharmaceutical companies to pay higher rebates to drugs for people who...
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social security does not contribute to the debt or deficit. it is not part of our deficit driver. it is an issue that can be solved. look, we did see it in the '80s, some tough medicine. everybody took it but it extended the life of social security for decades. we could do that again. it shouldn't be on the table and look, as it relates to medicare, let's remember this president extended the life of medicare through the affordable care act. these people are still talking about eliminating affordable care act or putting cuts to the affordable care act on the table when the affordable care act is helping bring the deficit down. >> bill: give it up. not to mention -- >> the election's over. the environment has changed. >> bill: thank you. i haven't heard one republican yet say they will vote to end the bush tax cuts for the wealthiest of americans. so what has changed? >> not one. >> bill: for them, not much. brad woodhouse in studio with us. communications director for the dnc. join the conversation any time at 1-866-55-press or on twitter or facebook. we'll be right back. >> announ
social security does not contribute to the debt or deficit. it is not part of our deficit driver. it is an issue that can be solved. look, we did see it in the '80s, some tough medicine. everybody took it but it extended the life of social security for decades. we could do that again. it shouldn't be on the table and look, as it relates to medicare, let's remember this president extended the life of medicare through the affordable care act. these people are still talking about eliminating...
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that's exactly what deficit reduction is. we're paying a little bit while we're healthy to protect against the likelihood, the small or great likelihood, we might have a debt crisis later. but my feeling is that now, that the economy is weak, growing at 1.8% for the last 24 months, we're not creating that many jobs, unemployment is still around 8%, the economy is still wheezing faintly. and when you're wheezing faintly, you need the strong medicine that high deficits offer. >> there's a lot of talk of the fear of the u.s. falling into the same hardships as europe. specifically greece. i want to play what senator lindsey graham had said about this. >> when you're $16 trillion in debt, the only pledge we should be making to each other is to avoid becoming greece. >> okay. here's what you said in your article. deficit reduction takes economic activity out of the economy. if you want to see what austerity does to a weak private sector, just look at europe. which policies do you think would turn us into europe? how would that happ
that's exactly what deficit reduction is. we're paying a little bit while we're healthy to protect against the likelihood, the small or great likelihood, we might have a debt crisis later. but my feeling is that now, that the economy is weak, growing at 1.8% for the last 24 months, we're not creating that many jobs, unemployment is still around 8%, the economy is still wheezing faintly. and when you're wheezing faintly, you need the strong medicine that high deficits offer. >> there's a...
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he has a lot of credibility on deficit reduction. while he said medicare and medicaid changes in those programs should not be part of the first step, the democrats have to look at that down the road in order to be constructive on deficit reduction. this is a senator, liberal democrat, part of the gang of six, somebody with a lot of credibility on deficit issues. i think that opens the door a little bit. you're seeing it on the democratic side. you're seeing it a little bit on the republican side. >> both sides are going to have to open the door more than just a little bit. they're going to have to make a deal. >> because the one mandate from the public was fix things. >> fix it. and do it quick. gloria, thank you. cnn's getting exclusive new information and photographs of paula broadwell, her affair with jen david petraeus forced him to leave the cia. now her friends are coming to her defense. >>> and a 7-year-old cancer patient tries a controversial treatment. medical marijuana. our dr. sanjay gupta will report. [ male announcer ] w
he has a lot of credibility on deficit reduction. while he said medicare and medicaid changes in those programs should not be part of the first step, the democrats have to look at that down the road in order to be constructive on deficit reduction. this is a senator, liberal democrat, part of the gang of six, somebody with a lot of credibility on deficit issues. i think that opens the door a little bit. you're seeing it on the democratic side. you're seeing it a little bit on the republican...
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we don't know how much we address the deficit problem by closing loopholes. impasse. martha: we'll see where that goes. stuart, thanks very much. we'll talk to chris van hollen moments away. bob,er is also here today. we'll get to some of that with them. thanks, stuart. bill: some context from how far the revenue ending bush tax cuts would go. during the 2012 fiscal year it costs $9.7 billion a day to run the federal government. the additional revenue stopping bush tax cuts would bring in $82.4 billion. a number that would run the government for 8 1/2 days. senator corker says there is plan on the table for two years. martha: that grand bargain that was so close. we'll see where that is in terms of both sides. bill:. we're just getting started on this tuesday morning. how about this story? oh, my gosh, a toddler seconds away from almost certain death in this video as a car comes barreling around that bend. we'll show you what the rest of what happens here and we'll tell you what ended up happening. bill: there is new violence on the streets of key roy. in fact we're g
we don't know how much we address the deficit problem by closing loopholes. impasse. martha: we'll see where that goes. stuart, thanks very much. we'll talk to chris van hollen moments away. bob,er is also here today. we'll get to some of that with them. thanks, stuart. bill: some context from how far the revenue ending bush tax cuts would go. during the 2012 fiscal year it costs $9.7 billion a day to run the federal government. the additional revenue stopping bush tax cuts would bring in $82.4...
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only 38% think it's going to actually reduce the deficit. so, here we've got a debt problem, some would say a crisis, and people are just not confident that we're going to address it, certainly not with new taxes. >> well, that's right. and look, skepticism about politicians is as old an as america, part of our cultural dna. in fact, i was surprised only 4% think this'll spend the money instead of using it as they promise. and one of the other things that we're seeing and i think this is really important in these discussions, if you ask people about across the board spending cuts, what everything is included, everything is on the cable. 65% say that's a good idea. but if you take something off the table and say, cut everything, but the military, support falls to 42%, so americans want to make sure that this is not something that singles out a pet project for exemption and protection. >> if people think like this about the future of health care and think like this about debt. how come they reelected president obama? how did this happen? >> we
only 38% think it's going to actually reduce the deficit. so, here we've got a debt problem, some would say a crisis, and people are just not confident that we're going to address it, certainly not with new taxes. >> well, that's right. and look, skepticism about politicians is as old an as america, part of our cultural dna. in fact, i was surprised only 4% think this'll spend the money instead of using it as they promise. and one of the other things that we're seeing and i think this is...
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we have to talk about comprehensive tax reform and talk about spending cuts and talk about debt and deficit reduction. pulling out an isolated piece like raising rates or taking a mortgage interest deduction or whatever it may be, it doesn't serve a purpose. you have to look at the entire problem. if you don't do that, we're all dead. >> where does norquist fit in? has your own view on the pledge evolved? >> i'm not for increasing tax rates. i'm for reforming the code, raising the base upon which those rates might be applied. i'm not for raising the rates. >> why is this attracting a -- why is revenue in general attracting the share of the debate? i heard complaints that say we're not giving due attention to reform, to entitlements. is it just that taxes are sexy, is that it? >> if the media would stop asking about it we could talk about comprehensive reform of entitlements and of spending. it's a complicated, complex process. if you pull out one part of it and have a debate over that part, you're redirecting america's focus from where it ought to be which is comprehensive reform of spendin
we have to talk about comprehensive tax reform and talk about spending cuts and talk about debt and deficit reduction. pulling out an isolated piece like raising rates or taking a mortgage interest deduction or whatever it may be, it doesn't serve a purpose. you have to look at the entire problem. if you don't do that, we're all dead. >> where does norquist fit in? has your own view on the pledge evolved? >> i'm not for increasing tax rates. i'm for reforming the code, raising the...
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first, social security doesn't add one penny to the deficit. we should put together something like a simpson/bowles commission. right now it's going to last for another 22 years untouched, but let's make sure it's stronger, longer. but when it comes to the other entitlement programs, medicare and medicaid, we've got to make certain that we preserve these basic programs, not to go the route of the paul ryan voucherizing, leaving senioring vulnerable for health insurance they cannot find or cannot afford. but make sure we change the program to save the money, reduce the increase in health care costs. medicaid is the one i'll add, joe, that concerns me the most. it has the least politically articulate constituency. these are the poorest people in america. we've got to make sure at the end of the day, we protect the children, mothers with babies, and particularly the frail elderly being covered by medicaid. we can make changes there and preserve the basic integrity of these programs. >> well, of course, people in medicaid don't have the aarp fighti
first, social security doesn't add one penny to the deficit. we should put together something like a simpson/bowles commission. right now it's going to last for another 22 years untouched, but let's make sure it's stronger, longer. but when it comes to the other entitlement programs, medicare and medicaid, we've got to make certain that we preserve these basic programs, not to go the route of the paul ryan voucherizing, leaving senioring vulnerable for health insurance they cannot find or...